A Human Capital Explanation of Real Business Cycles

被引：0

作者：

Benk, Szilard ^{[1
]}

Csabafi, Tamas ^{[2
]}

Dang, Jing ^{[3
]}

Gillman, Max ^{[4
,5
]}

Kejak, Michal ^{[6
,7
]}

机构：

[1] Corvinus Univ Budapest, Budapest, Hungary

[2] Univ Missouri St Louis, St Louis, MO USA

[3] State Grid Corp, Shanghai, Peoples R China

[4] Univ Missouri St Louis, Corvinus Univ Budapest, St. Louis, MO USA

[5] European Res Univ, London, England

[6] Ctr Econ Res, St Louis, MO USA

[7] Grad Educ Econ Inst, Prague, Czech Republic

来源：

JOURNAL OF HUMAN CAPITAL | 2024年 / 18卷 / 02期

关键词：

ENDOGENOUS GROWTH; CYCLICAL BEHAVIOR; INDIVISIBLE LABOR; BALANCED GROWTH; ACCUMULATION; PRODUCTIVITY; INEQUALITY; EDUCATION; MODEL; INVESTMENT;

D O I：

10.1086/728088

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We contribute an alternative explanation of business cycles by using human capital investment as a second sector tied down with accounting methods. Inputs of education expenditure and tertiary student time in this sector enable explanation of a broad set of business-cycle moments. Labor time share, labor productivity, and consumption correlations with output are well explained, a challenge difficult to meet in the one-sector models. Human capital deepening in the human capital investment sector occurs during contractions, while physical capital deepening in the goods sectors occurs during expansions. The external margin from human capital investment clarifies conflicting estimates of the labor elasticity.

引用

页码：305 / 345

页数：41

共 78 条

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